Enterprise Products Partners (NYSE:EPD) Shares Up 1.3% - Time to Buy?

Key Points

• Enterprise Products Partners (EPD) shares rose 1.3% on Thursday, trading near $38.02 after reaching an intraday high of $38.19. Volume was below average, with about 2.96 million shares changing hands.
• Wall Street sentiment is mixed but slightly constructive: the stock has an average Hold rating and an average price target of $40.13. Recent analyst moves included UBS reiterating a Buy with a $45 target, while JPMorgan raised its target to $42 and kept a Neutral rating.
• The company raised its quarterly dividend to $0.56 per share, implying a 5.9% annual yield. However, its latest earnings missed EPS estimates even as revenue came in above expectations, and the dividend payout ratio is relatively high at 82.96%.

Enterprise Products Partners L.P. (NYSE:EPD - Get Free Report) shot up 1.3% during trading on Thursday . The stock traded as high as $38.19 and last traded at $38.0230. 2,963,877 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 4,219,622 shares. The stock had previously closed at $37.52.

Analysts Set New Price Targets

EPD has been the topic of several research reports. UBS Group reaffirmed a "buy" rating and set a $45.00 price target on shares of Enterprise Products Partners in a research note on Wednesday, June 17th. JPMorgan Chase & Co. lifted their price objective on Enterprise Products Partners from $41.00 to $42.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. The Goldman Sachs Group reissued a "neutral" rating and set a $38.00 price objective on shares of Enterprise Products Partners in a report on Wednesday, June 17th. Morgan Stanley reaffirmed an "underweight" rating and issued a $43.00 target price (up from $42.00) on shares of Enterprise Products Partners in a research note on Wednesday, May 20th. Finally, Truist Financial lifted their price target on shares of Enterprise Products Partners from $36.00 to $40.00 and gave the stock a "hold" rating in a research report on Monday, May 4th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $40.13.

Enterprise Products Partners Stock Performance

The company has a current ratio of 0.91, a quick ratio of 0.61 and a debt-to-equity ratio of 1.03. The company has a market cap of $82.20 billion, a price-to-earnings ratio of 14.08, a P/E/G ratio of 1.33 and a beta of 0.49. The stock has a 50 day moving average price of $37.63 and a two-hundred day moving average price of $36.45.

Enterprise Products Partners (NYSE:EPD - Get Free Report) last announced its quarterly earnings data on Monday, April 27th. The oil and gas producer reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.71 by ($0.03). Enterprise Products Partners had a return on equity of 19.53% and a net margin of 11.45%.The company had revenue of $14.39 billion for the quarter, compared to analyst estimates of $13.62 billion. During the same period last year, the firm earned $0.64 earnings per share. The firm's revenue for the quarter was down 6.7% on a year-over-year basis. Analysts predict that Enterprise Products Partners L.P. will post 3.01 EPS for the current year.

Enterprise Products Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 5.9%. The ex-dividend date is Friday, July 31st. This is an increase from Enterprise Products Partners's previous quarterly dividend of $0.55. Enterprise Products Partners's dividend payout ratio is presently 82.96%.

Institutional Trading of Enterprise Products Partners

Hedge funds have recently modified their holdings of the company. Walker Asset Management LLC boosted its stake in Enterprise Products Partners by 1.4% during the 2nd quarter. Walker Asset Management LLC now owns 20,256 shares of the oil and gas producer's stock worth $745,000 after acquiring an additional 282 shares during the last quarter. Doliver Advisors LP grew its holdings in Enterprise Products Partners by 14.4% during the second quarter. Doliver Advisors LP now owns 118,513 shares of the oil and gas producer's stock valued at $4,357,000 after purchasing an additional 14,900 shares during the period. Redhawk Wealth Advisors Inc. bought a new stake in Enterprise Products Partners in the second quarter valued at approximately $1,170,000. Harrell Investment Partners LLC increased its stake in Enterprise Products Partners by 14.9% in the second quarter. Harrell Investment Partners LLC now owns 62,052 shares of the oil and gas producer's stock valued at $2,281,000 after purchasing an additional 8,048 shares in the last quarter. Finally, Shrier Wealth Management LLC raised its holdings in Enterprise Products Partners by 1.0% in the second quarter. Shrier Wealth Management LLC now owns 82,750 shares of the oil and gas producer's stock worth $3,042,000 after purchasing an additional 788 shares during the period. 26.07% of the stock is currently owned by institutional investors and hedge funds.

About Enterprise Products Partners

Enterprise Products Partners L.P. NYSE: EPD is a Houston-based master limited partnership that provides midstream energy services across North America. The company owns and operates an extensive network of pipelines, storage facilities, processing plants and export terminals that transport and handle natural gas, natural gas liquids (NGLs), crude oil and refined and petrochemical products. Its core activities include gathering and transportation, fractionation of NGLs, natural gas processing, crude oil and condensate pipelines, and marine and terminal services that enable domestic distribution and exports.

Enterprise serves a diverse set of customers including producers, refiners, petrochemical companies, marketers and end users.

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